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<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.
STATEMENT BY REGISTERED CLOSED-END INVESTMENT COMPANY
WITH RESPECT TO PURCHASES OF ITS OWN SECURITIES PURSUANT
TO RULE N-23C-1 DURING THE LAST CALENDAR MONTH
(See rules and instructions on back of this form.
If acknowledgment is desired, file this form with the Commission
in triplicate.)
REPORT FOR CALENDAR MONTH ENDING: November, 1999
The France Growth Fund, Inc.
(Name of registered closed-end investment company)
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<TABLE>
<CAPTION>
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Approximate Asset
Value or
Number of approximate asset
Date of each Identification of Shares coverage per share Name of Seller or
Transaction Security Purchased Price per Share at time of purchase of Seller's Broker
----------- ----------------- --------- --------------- ------------------- ------------------
<S> <C> <C> <C> <C> <C>
11/22/99 Common Stock 19,600 14.7500 17.52 PaineWebber
Houston
11/23/99 Common Stock 3,300 14.6875 17.43 PaineWebber
Houston
11/23/99 Common Stock 7,100 14.7500 17.43 PaineWebber
Houston
11/24/99 Common Stock 5,333 14.6875 17.40 PaineWebber
Houston
11/29/99 Common Stock 10,000 14.9375 17.86 PaineWebber
Houston
11/30/99 Common Stock 10,000 14.8125 17.70 PaineWebber
Houston
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</TABLE>
REMARKS: None The France Growth Fund, Inc
---------------------------
Name of Registrant
By: /s/ Frederick J. Schmidt
Name: Frederick J. Schmidt
Title: Vice President and Treasurer
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